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A money market account (MMA) or money market deposit account (MMDA) is a deposit account that pays interest based on current interest rates in the money markets. [1] The interest rates paid are generally higher than those of savings accounts and transaction accounts; however, some banks will require higher minimum balances in money market accounts to avoid monthly fees and to earn interest.
Deposits are insured. Money market accounts are insured by the FDIC or NCUA for up to $250,000 per person, per account. Dig deeper: High-yield savings account vs. traditional savings account: ...
This includes interest on bank accounts, money market accounts, certificates of deposit and corporate bonds. If you receive payments of interest totaling over $10, you should receive a Form 1099 ...
A money market account shares similarities with a checking account and a savings account. Like a savings account, money market accounts pay interest on the balance you deposit.
Money market funds in the United States created a solution to the limitations of Regulation Q, [7] which at the time prohibited demand deposit accounts from paying interest and capped the rate of interest on other types of bank accounts at 5.25%. Thus, money market funds were created as a substitute for bank accounts.
A money market account (MMA) is a middle ground between checking and high-yield savings accounts. They're offered by traditional banks, online banks and credit unions as a way to earn higher ...
Money market accounts offered at banks that are insured by the Federal ... certificates of deposit (CDs) and checking accounts. A money market account covered by FDIC insurance is protected up to ...
Money market accounts, also known as money market deposit accounts, are federally insured liquid bank accounts. They pay interest on your deposit, but your interest-earning potential varies ...